Gearing up for a digital future

DESPITE being a leader in the corporate and advisory services sector, mainboard-listed Boardroom Ltd is not resting on its laurels. It is getting ready for a digital future.

"From what I can gather, we are quite well prepared relative to the competition. Can we be more prepared? The answer is definitely yes," Boardroom's chief executive Kim Teo Poh Jin told BT in a recent interview.

With many traditional industries being challenged by disruptors, Mr Teo says the corporate and advisory services sector may not be spared. Dissemination of annual reports, for example, is now done by email instead of hard copy.

But because the corporate and advisory services sector is a regulated industry, the digital disruption has yet to fully unfold, he says. "Yes, we definitely see disruption in future, but not at this moment. We have the technology but the legislation is not in place for the technology to be fully utilised."

He says companies have to be aware that digital disruption is occurring rapidly. Companies' business models must be kept up to speed through adoption of technology, before they are made obsolete.

"Digital disruption will drive everything. We will see AGMs conducted via streaming, where shareholders can 'attend' multiple meetings concurrently, anytime, anywhere. Voting and proxy submission can also be done online on-the-go, thus promoting mobility in today's fast-paced world," he says.

Boardroom provides secretarial services to listed companies, including share registry, payroll, accounting, taxation, polling, scrutineering, and internal audit.

Boasting 45 years of experience in providing corporate and advisory services to companies, with an estimated market share of 50 per cent of listed companies in Singapore, Boardroom also aims to stay ahead of the competition by taking on technologies that enable it to better serve clients in managing their businesses.

"We started with Omni Market Tide (OMT) in Australia. We've already launched the digital application in Australia as well," says Mr Teo.

Boardroom inked an exclusive partnership with Australia-listed OMT last September. Through the alliance, Boardroom will integrate OMT's mobile stakeholder engagement applications into its digital solutions portfolio. Clients will have real-time access to investor updates. The technology enables direct interaction among clients, investors, and employees, while reducing the print and mail costs that are normally incurred.

Boardroom launched its Boardroom Digital Consolidated Application in March this year, starting with the Australian market. This mobile application - the first of its kind in the country - enables a single online destination that provides access to real-time analytics, insights, news, statements, transactional and engagement tools. The group announced that it will launch a mobile investor relations platform for listed companies in Singapore and Hong Kong by Q1 2017.

The alliance is expected to help companies manage their shareholder base. Mr Teo says OMT's application was an area to focus on because of the increase in the usage of smartphones among their clients.

The alliance with OMT is also expected to help Boardroom grow its market share in Singapore "The idea is that as an innovative company, we need to be tied to people who are innovative as well so we have solutions and ideas ... and I think clients appreciate that.''

The Payroll Aggregator Platform is another move for the digital future. It is a cloud based human resource (HR) workflow management portal that eliminates manual leave and claims processes, and creates a seamless workflow for Boardroom's clients and their employees. The one-stop, self-service portal gives clients the flexibility to submit leave and claims on the go, making payroll an easier process for all. The platform will be ready by mid-July 2016.

An online portal is also in the works for accounting services. This will allow clients to view their accounts/trial balances online.

Another service is electronic polling solutions. It was one of the earliest in Singapore to provide this service, and it is now looking to introduce electronic polling for listed firms in Malaysia.

For the upcoming Annual General Meeting (AGM) season in July/August, Mr Teo says that Boardroom is well prepared and has not faced any problems in the supply of the electronic polling systems to companies.

Although Boardroom's pool of potential clients may grow more slowly, alongside a slowdown in the initial public offering (IPO) market, it aims to remain a dominant player. It is also targeting companies that provide multiple services, because these would have a greater need for Boardroom's support solutions. As such companies expand, there would also be scope for Boardroom to grow with them.

Digitisation, in any case, is expected to help raise productivity. Corporate and advisory services traditionally require a lot of paperwork and tedious organisation. By offering backend solutions that free up company resources, clients are able to focus on the front end of their businesses with ease and leave the operational details to Boardroom.

Already a dominant player in Asia, Boardroom plans to venture into the United States and European markets. The US' vibrant technology marketplace, with the proliferation of startups, provides an ample pipeline for its services.

As for the European market, Boardroom is looking to help companies with their recovery processes following Brexit, and believes that it is well positioned to do so.

"We're expanding the client base in terms of outreach," Mr Teo says. "We may build a presence or we may work through partners as well."

It took seven years for Boardroom to double its staff strength from 300 to 600 across the region. Today, it has offices in 14 cities across five countries. Over the next two to three years, as it services more global and regional companies, Boardroom may open more offices and develop more partner networks.

"The goal for Boardroom is to be (companies') preferred partner, to be their solutions partner, and to be able to enhance our clients' productivity," says Mr Teo.